Exclusive: Cadence Bank measures its gains, one banker at a time

A who’s who of Bay area bankers have joined John Watts in building a commercial banking operation in Tampa for Cadence Bank.

The cadre of bank executives recruited by Watts brings local industry knowledge and deep relationships that are key to successful growth, said Paul Murphy Jr., president and CEO of Houston-based Cadence Bancorp LLC.

“Banking is a local business. It’s about local bankers,” said Murphy, who was in Tampa to call on clients and prospects.

Watts, a 24-year veteran of First Union-Wachovia-Wells Fargo, is leading commercial and business banking as executive vice president. Ronnie Seiber, senior vice president and treasury management sales manager, also joined Cadence from Wells Fargo (NYSE: WFC). John Acosta, formerly west Florida area president for Regions Bank, is now senior vice president for business banking at Cadence. Another senior vice president for business banking, JJ Miranda, previously was at Fifth Third Bank (NASDAQ: FITB).

One of Cadence’s two senior vice presidents for commercial and industrial banking, Don Preston, also came from Fifth Third; the other SVP for C&I banking, Teresa Stinson, previously worked at Bank of America (NYSE: BAC). Gretchen Mitchell, vice president, wealth client services, is a veteran of SunTrust Banks (NYSE: STI).

Cadence, with $5.5 billion in assets and more than 100 locations in six states, is among several commercial banks that would “rather hire than acquire,” according to a Sept. 25 report in American Banker.

“What I prefer to do is get the team first and then build out the brick and mortar,” Murphy told the trade journal.

Watts, previously a regional vice president at Wells Fargo, said he made the switch because Cadence’s philosophy was in line with his own way of thinking about commercial banking. Larger financial institutions with a retail focus are “product focused,” rather than relationship focused, and the emphasis is on how many products a banker can sell, Watts said. Cadence’s approach is on client service and bankers who understand clients’ needs, he said.

Cadence, formerly known as Community Bancorp LLC, entered the Tampa market with the acquisition of failed Superior Bank in April 2011. As of June 30, Cadence had 15 retail branches with $540 million in deposits in the Bay area.